The SA Reserve Bank requested a broad Risk Evaluation of the PurePlay® Instrument including risks of currency movements across SA borders. The PurePlay® technical team together with potential issuers will proceed to prepare a comprehensive report on the risks and will submit same to SARB.

The final SC Opinion (together with a Junior Counsel) on the legal status of the sale of unmined minerals concludes that it is a valid legal sale. We will now submit the SC Opinion to SARS and National Treasury for their perusal. We await the outcome of the VAT application.

The PurePlay legal team today briefed Senior Counsel on the Opinion required for the sale of unmined minerals as requested by SARS and National Treasury. All the technical aspects were dealt with and Peter Dawe, the leader of the legal team, advised that he is confident that the sale is legally sound but expects that the question will be thoroughly investigated before Senior Counsel will give an Opinion.

The SA VAT treatment of PurePlay® Instruments needed confirmation from SARS that the trading in PurePlay Instruments will not attract VAT. SA Revenue Services (SARS) requested a Senior Counsel Opinion on the legal status of the sale of unmined minerals. The PurePlay legal team has set the process in motion for early next year after the December recess.

PurePlay Holdings together with the 1st potential issuer have requested SA Reserve Bank approval for the listing of the 1st PurePlay Gold Notes on the Johannesburg Stock Exchange to be classified as a “Local Asset” for South African institutional Investors. The minerals being sold are SA minerals but all minerals are classified by SARB as international assets due to their international pricing.

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